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The SEC chairman confirms that cryptocurrencies like Ethereum are not securities

Cryptocurrency

13/03/19 10:47UTC-4

The SEC chairman confirms that cryptocurrencies like Ethereum are not securities

Cryptocurrencies like Ethereum are not securities

On March 12, Coincenter, a human rights group on cryptocurrency and blockchainBlockchainis a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details, published a correspondence between Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, and Representative Ted Budd. The letter explains that the analysis of employees confirms that Ethereum and similar cryptocurrencies are not subject to securities laws.

The opinion of William Hinman

It seems that SEC chairman Jay Clayton agrees with the head of the corporate finance agency, William Hinman. Last July, Hinman reported that cryptocurrencies such as BTC and ETH are not securities.

"If the network in which the tokenToken– is an accounting unit that is used to represent a digital balance in an asset.Details or coin is to be functioning is decentralized enough, then the currency is probably not a security", Hinman explained during the summit on all Yahoo markets.

Thus, several months ago, the blockchain protection group Coincenter sent a letter signed by representative Ted Budd asking the SEC chairman if he agreed with Hinman’s assessment.

"I agree with Director Hinman’s explanation that a digital asset transactionTransaction– is a financial term that means a logically meaningful operation that can only be carried out completely. Details can no longer be an investment contract", says Clayton’s response.

The Securities and Exchange Commission has confirmed that some cryptocurrencies are not securities. Most likely, networks such as Ethereum and Bitcoin do not fall into this category, according to Clayton, since they are decentralized. However, Ripple may not meet the requirements of the interpretation of Hinman and Clayton. Ripple cryptocurrency will respond to a class action lawsuit in which the plaintiffs allege that XRP is subject to securities laws and must be governed by the SEC structure.

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